Southern New Jersey Industrial Market | Overview
- The Southern New Jersey industrial vacancy rate decreased from 4.5 to 3.8 percent in the second quarter.
- Net absorption, while over 1.0 million square feet, was below last year’s six month mark of 2.9 million square feet.
- Year-to-date deliveries are also down, but 3.9 million square feet will be completed in the third and fourth quarters.
Vacancy continued to drop into the low single-digits. Atlantic County is the only market remaining over 10%.
The 1.4 million square feet of spec construction completed in the last year was 93% leased by the end of the 2nd quarter.